This week Fed Reserve Chairman J Powell said, “In the near term, risks to inflation are tilted to the upside, and risks to employment to the downside, a challenging situation.” In other words, the Feds are seeing stagflation coming now. Stagflation is a combination the words “stagnant” and “inflation”, which is used to describe an economy that is suffering from low growth, high unemployment, and high inflation. This is a bear for both fiscal and monetary policy to end. Last time for stagflation in the USA was the 1970s; it took a decade to work our way out. Prepare.